National Vision Holdings, Inc. Announces Repurchase of $218 Million of Convertible Notes and Borrowing of $115 Million in Incremental Term Loans

National Vision Holdings, Inc. (NASDAQ: EYE) (“National Vision”) today announced that it has reached agreement to repurchase approximately $218 million aggregate principal amount of its 2.50% Convertible Senior Notes due 2025 (the “2025 Notes” and such repurchase, the “Repurchase Transactions”) for an aggregate cash repurchase price of approximately $215 million plus accrued and unpaid interest on such notes.

National Vision also announced that it has secured commitments to amend its existing credit agreement (the “Credit Agreement”) to provide for, among other things, $115 million of incremental term loans (the “New Term Loans”), which commitments are expected to close and be funded on August 9, 2024. The New Term Loans will have the same terms as the existing term loans under the Credit Agreement and will constitute the same class of loans for all purposes under the Credit Agreement.

National Vision expects to fund the Repurchase Transactions with the proceeds of the New Term Loans, together with cash on hand.

Melissa Rasmussen, Chief Financial Officer of National Vision, said, “We are pleased to be in a position to complete this opportunistic repurchase of the majority of our remaining 2025 Notes outstanding. We believe the transactions announced today strengthen our balance sheet as we continue to execute a disciplined capital allocation plan, and we remain focused on making prudent decisions that strengthen our foundation for profitable growth.”

The Repurchase Transactions are expected to close on or about August 12, 2024. Following the closing of the Repurchase Transactions, approximately $85 million principal amount of the 2025 Notes will remain outstanding.

This press release is neither an offer to sell nor a solicitation of an offer to buy any securities, nor will there be any offer, solicitation, or sale of any securities in any jurisdiction in which such offer, solicitation or sale would be unlawful.

About National Vision Holdings, Inc.

National Vision Holdings, Inc. (NASDAQ: EYE) is one of the largest optical retail companies in the United States with over 1,200 stores in 38 states and Puerto Rico. With a mission of helping people by making quality eye care and eyewear more affordable and accessible, the company operates four retail brands: America’s Best Contacts & Eyeglasses, Eyeglass World, and Vista Opticals inside select Fred Meyer stores and on select military bases, and e-commerce website DiscountContacts.com, offering a variety of products and services for customers’ eye care needs. For more information, please visit www.nationalvision.com.